FIELD OF THE INVENTION

[001] The present invention relates to the field of the Smart Contracts and Consumer Relations and blockchain technology systems, techniques, methods and apparatus. The invention more particularly relates to a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof.
BACKGROUND OF THE INVENTION
[002] The following description provides the information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.
[003] Further, the approaches described in this section are approaches that could be pursued, but not necessarily approaches that have been previously conceived or pursued. Therefore, unless otherwise indicated, it should not be assumed that any of the approaches described in this section qualify as prior art merely by virtue of their inclusion in this section.
[004] Historically, the negotiation and enforcement of contracts as well as the evaluation of whether specific activities satisfy the terms of the agreements and the ensuing release of contingent rights may be quite time-consuming for those who enter into the agreements. As a result, improving contract negotiation, enforcement, and settlement of contractual agreements is required.
[005] Accordingly, on the basis of aforesaid facts, there remains a need in the prior art to provide a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof. The proposed system overcomes the problem of conventional and complex techniques, and which have the potential of accelerating through the various intelligent modules. Therefore, it would be useful and desirable to have a system, method, apparatus and interfaces to meet the above-mentioned needs.
SUMMARY OF THE PRESENT INVENTION
[006] In view of the foregoing disadvantages inherent in the known types of conventional Smart Contracts and Consumer Relations and blockchain technology based systems, methods and techniques, are now present in the prior art, the present invention provides a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof, which has all the advantages of the prior art and none of the disadvantages.
[007] It is an object of the present invention, a processor device coupled to the memory device and designed to execute computer-readable programme code in order to: access the memory device's distributed ledger, which is updated by messages from a distributed block chain network; receive a transaction record for a smart contract including input information indicating one or more user activities. Once it is determined that one or more acts fulfil the smart contract's criteria, the process of rewarding the user with incentives in accordance with the condition may begin, validating the transaction record..
[008] In addition, the process of signing a contract, which includes the following steps: putting a contract on or in a computer-based repository; publishing a transaction to a blockchain with at least one UTXO (unspent output); and information that has a unique identification indicating the place where the contract is kept; utilising data from an existing key connected to the contract to create a new key that will renew or roll the contract over; producing a script that contains the new key, the location of the contract's storage, and other information.
[009] In this respect, before explaining at least one object of the invention in detail, it is to be understood that the invention is not limited in its application to the details of set of rules and to the arrangements of the various models set forth in the following description or illustrated in the drawings. The invention is capable of other objects and of being practiced and carried out in various ways, according to the need of that industry. Also, it is to be understood that the phraseology and terminology employed herein are for the purpose of description and should not be regarded as limiting.
[010] These together with other objects of the invention, along with the various features of novelty which characterize the invention, are pointed out with particularity in the disclosure. For a better understanding of the invention, its operating advantages and the specific objects attained by its uses, reference should be made to the accompanying drawings and descriptive matter in which there are illustrated preferred embodiments of the invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[011] When considering the following thorough explanation of the present invention, it will be easier to understand it and other objects than those mentioned above will become evident. Such description refers to the illustrations in the annex, wherein:
[012] FIG. 1, illustrates a schematic diagram of a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof, in accordance with an embodiment of the present invention.
[013] FIG. 2, illustrates another schematic diagram of the system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof, in accordance with an embodiment of the present invention.
DETAILED DESCRIPTION OF THE INVENTION
[014] The following sections of this article will provide various embodiments of the current invention with references to the accompanying drawings, whereby the reference numbers utilised in the picture correspond to like elements throughout the description. However, this invention is not limited to the embodiment described here and may be embodied in several other ways. Instead, the embodiment is included to ensure that this disclosure is extensive and complete and that individuals of ordinary skill in the art are properly informed of the extent of the invention. Numerical values and ranges are given for many parts of the implementations discussed in the following thorough discussion. These numbers and ranges are merely to be used as examples and are not meant to restrict the claims' applicability. A variety of materials are also recognised as fitting for certain aspects of the implementations. These materials should only be used as examples and are not meant to restrict the application of the innovation.
[015] Referring now to the drawings, these are illustrated in FIG. 1 & 2, the present invention discloses a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof. The system is comprised of, but not limited to, a processing device that is connected to the memory device and is programmed to run computer-readable programme code in order to: access a distributed ledger that is kept in the memory device and is updated by communications from a distributed block chain network; receive a transaction record related to a smart contract that contains input data indicating one or more actions taken by a user.
[016] In accordance with another embodiment of the present invention, commence awarding the user with incentives in line with the condition after finding that one or more acts satisfy the smart contract's requirement, confirming the transaction record.
[017] In accordance with another embodiment of the present invention, a part of a distributed blockchain ledger that stores information about security transactions made on a peer-to-peer communication network in a distributed database; and a cryptographic wallet with encryption techniques for safely keeping a digital stock portfolio.
[018] In accordance with another embodiment of the present invention, the securities directly on the distributed blockchain ledger by using a one-way hashing algorithm to append one or more blocks to the distributed blockchain ledger, the one or more blocks at least containing the base security documents associated with the securities, sets of security rules including regulations and restrictions governing the securities, and ownership.
[019] In accordance with another embodiment of the present invention, the set of protocols make use of one or more event-driven smart contracts that are set up to transfer ownership of the securities; these smart contracts are made available through a cryptographic wallet and allow a buyer and a seller to provide information in order to fulfil the conditions of the ownership transfer.
[020] Further, provide access to the distributed ledger to the block chain distributed network and update the distributed ledger with information indicating the deposit of the rewards into the user's digital wallet.
[022] In accordance with another embodiment of the present invention, the event-driven smart contracts offered by the cryptographic wallet allow a number of investors to contribute to the security fund and to distribute assets from the security fund to a number of borrowers.
[023] The above-mentioned invention is provided with the preciseness in its real-world applications to provide a system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection and method thereof. Further, execution of a contract, the procedure including the following steps: storing a contract on or in a computer-based repository; broadcasting a transaction to a blockchain, the transaction including at least one unspent output (UTXO); and metadata including an identifier indicative of the location where the contract is stored; renewing or rolling the contract on by creating a new key using information from an existing key associated with the contract; creating a script that includes the new key, the location where the contract is stored.
[024] The benefits and advantages that the present invention may offer have been discussed above with reference to particular embodiments. These benefits and advantages are not to be interpreted as critical, necessary, or essential features of any or all of the embodiments, nor are they to be read as any elements or constraints that might contribute to their occurring or becoming more evident.
[025] Although specific embodiments have been used to describe the current invention, it should be recognised that these embodiments are merely illustrative and that the invention is not limited to them. The aforementioned embodiments are open to numerous alterations, additions, and improvements. These adaptations, changes, additions, and enhancements are considered to be within the purview of the invention.

We Claims:

1. A system for providing Smart Contracts and Consumer Relations and Repercussions of blockchain technology and consumer protection, comprising:
a processing device that is connected to the memory device and is programmed to run computer-readable programme code in order to: access a distributed ledger that is kept in the memory device and is updated by communications from a distributed block chain network; receive a transaction record related to a smart contract that contains input data indicating one or more actions taken by a user.
2. The system as claimed in claim 1, wherein commence awarding the user with incentives in line with the condition after finding that one or more acts satisfy the smart contract's requirement, confirming the transaction record.
3. The system as claimed in claim 1, wherein a part of a distributed blockchain ledger that stores information about security transactions made on a peer-to-peer communication network in a distributed database; and a cryptographic wallet with encryption techniques for safely keeping a digital stock portfolio.
4. The system as claimed in claim 1, wherein the securities directly on the distributed blockchain ledger by using a one-way hashing algorithm to append one or more blocks to the distributed blockchain ledger, the one or more blocks at least containing the base security documents associated with the securities, sets of security rules including regulations and restrictions governing the securities, and ownership.
5. The system as claimed in claim 1, wherein the set of protocols make use of one or more event-driven smart contracts that are set up to transfer ownership of the securities; these smart contracts are made available through a cryptographic wallet and allow a buyer and a seller to provide information in order to fulfil the conditions of the ownership transfer.
6. The system as claimed in claim 1, wherein provide access to the distributed ledger to the block chain distributed network and update the distributed ledger with information indicating the deposit of the rewards into the user's digital wallet.
7. The system as claimed in claim 1, wherein event-driven smart contracts offered by the cryptographic wallet allow a number of investors to contribute to the security fund and to distribute assets from the security fund to a number of borrowers.
8. The system as claimed in claim 1, wherein execution of a contract, the procedure including the following steps: storing a contract on or in a computer-based repository; broadcasting a transaction to a blockchain, the transaction including at least one unspent output (UTXO); and metadata including an identifier indicative of the location where the contract is stored; renewing or rolling the contract on by creating a new key using information from an existing key associated with the contract; creating a script that includes the new key, the location where the contract is stored.